Over $2 billion has poured into the Melrose neighborhood of the Bronx as well as adjacent areas in new construction — whether residential or new commercial — in less than 10 years easily out pacing the entire borough.
The bulk of the money has been centered in the many developments in Melrose such as La Terraza, Boricua College & North Rose Apartments, St Ann’s Terrace, Via Verde as well as the proposed 950 unit La Central Development which is currently estimated at $345 million.
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All these developments have led Melrose to be one of the fastest growing neighborhoods in the city as of the 2010 census with thousands of new affordable apartments for low and middle income families.
Some of the developments in Melrose and surrounding areas are:
Triangle Plaza (Commercial / under construction)- $35 million
Via Verde (Mixed-Use Residential / completed) – $99 Million
Eltona (Residential / completed) – $16.5 million
El Jardine De Selene (Mixed-Use Residential / completed) -$34 Million
Boricua Village (Mixed-Use Residential / completed) – $300 million
Courtlandt Corners (Mixed-Use Residential / completed) – $92.6 Million
Courtlandt Crescent (Residential / completed ) – $24 million
La Central – (Mixed -Use Residential / proposed ) $345 Million
La Terraza – (Mixed-Use Residential / completed) $37 Million
St Ann’s Terrace (Mixed-Use Residential / completed ) $218.9 million
Parkview Commons – (Mixed-Use Residential / completed) -$24 Million
Bruckner by the Bridge (Mixed-Use Residential / completed)- $135 million (Port Morris)
Mill Pond Park (Waterfront park / completed) $64 million
Not included in these numbers is whatever ends up happening in the Special Harlem River Waterfront District which will easily cost in the billions due to its location on a flood plain and the thousands of units being proposed.
With so much money pouring into the area, what will become of long term residents as these attractive new “affordable” housing units are constructed? Will they have a ripple affect and increase rents in the surrounding, existing residential buildings? Unlike other areas that have gentrified such as Williamsburg in Brooklyn and across the river in Harlem, construction here has been for affordable housing but it is only time before more and more private money begins to pour in and the construction of market-rate apartments begin.
There is a big experiment going on here Melrose and perhaps the neighborhood can show the rest of the city and the world that redevelopment can integrate people from all socio-economic walks of life without displacement. Only time will tell where this will all lead. In the meantime, residents can fight to make sure that they are not left out of the equation whenever new developments rise with public monies.
